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Apple’s shares are up over $40 today driven by its very solid March quarter results and better than expected guidance for the June quarter. I have summarized over a dozen sell-side notes below and many analysts have increased their fiscal 2014 and 2015 EPS estimate by $1 to $2 (two actually decreased their projections) so the increased stock price is being driven by the higher EPS projections and a small increase in the P/E multiple.

Arcuri at Cowen raised his target price to $630

Tim Arcuri at Cowen increased his fiscal 2014 EPS for Apple from $41.70 to $44.05 largely due to the March quarter beat and raised his target price to $630. He slightly increased his fiscal 2015 EPS from $52.00 to $52.82 based on an increased number of shares being bought (the highest EPS estimate of the ones I have seen).

Arcuri wrote “With a solid print and guide a little better than feared, iPhone is growing double digits again in both March and June and this is even before what looks to be a very strong iPhone 6 build. Additionally, capital allocation continues to grow and new categories add the potential for some multiple expansion moving through this year.

Bachman at BMO has a $610 target price

Keith Bachman at BMO Capital Markets increased his fiscal 2014 EPS from $41.59 to $43.82 and his fiscal 2015 estimate from $45.15 to $46.90. His estimate changes are being driven by “higher iPhone units and iPad ASPs, offset somewhat by lower iPad units. In addition, we have increased our gross margin assumptions across our forecast period, which is the most meaningful part of our estimate revision.”

He included the following chart on Apple’s next twelve months (NTM) P/E multiple for the past four years. While the blue current P/E multiple line is below the four year average I would lower the average by removing 2010 and possibly 2011 since the company was experiencing very high growth rates which will be impossible to repeat due to the company’s size.

Hall at JP Morgan raised his target price from $585 to $623

Rod Hall at JP Morgan increased his fiscal 2014 EPS from $45.65 to $46.14, one of the highest estimates I have seen. His fiscal 2015 EPS projection increased slightly from $51.47 to $52.04.

Hall wrote “Apple delivered a strong quarter with only slightly weak guidance in spite of what we believe was negative sentiment heading into earnings. Visibility through June allows investors to begin looking forward to the typically strong second half in our opinion and should provide support for the stock from here.”

Hall also believes that Apple has the ability to outpace expectations by tapping the $63 billion sub $1,000 laptop market with iAnywhere as well as new products like the iPhone6 and iWatch. I doubt that Apple will enter the sub $1,000 laptop market. This has been talked about for years and given the higher price, higher margin aspirational nature of Apple’s products I don’t see the company going down that path similar to not doing it for lower priced smartphones.

Hargreaves at Pacific Crest increased his target price from $635 to $650

Andy Hargreaves at Pacific Crest raised his fiscal 2014 EPS estimate from $41.26 to $43.53 and substantially raised his fiscal 2015 EPS estimate from $40.92 to $47.84. Hargreaves wrote “believe Apple is well positioned to gain unit share in the iPhone 6 cycle and maintain or increase gross profit per iPhone by raising prices. If Apple raises prices by $50 at the high end and waterfalls that through the lineup, we estimate it could add $2.5 billion or more to our current F2015 EBIT (Earnings Before Interest and Taxes) estimate.”

From the earnings call he called out that “Management commentary seemed to support this view, as Tim Cook repeatedly said that they would price products commensurate with the value delivered. Management also firmly reiterated that it would be expanding into new product categories, which could provide a source of upside to our estimates and investor sentiment over the next year.”

Huberty’s AlphaWise survey had the best iPhone estimate

Katy Huberty at Morgan Stanley has a smartphone tracker that gathers sell-through data using web search analytics. Her mid-March survey indicated iPhone demand of 42.3 million which dropped to 40.6 million in mid-April. Even with the decreased estimate it was still closer to Apple’s actual sales of 43.7 million than any of the analysts estimates that I have seen.